Happy EOFY 2022!

30 June has arrived and the new financial year is just around the corner!

Here’s what you need to know:

• ATO will start full processing of 2021-2022 individual tax returns on 7 July 2022.  They expect to start paying refunds from 16 July 2022.

Superannuation Changes from 1 July 2022:

• Super Guarantee will rise to 10.5{b8e7c7f951a33340f874b6d86f318d9ec4412e46b7f65591a459ed670b119c83}
• The Australian Government abolished the $450 per month threshold which means employers will be required to make super guarantee contributions – regardless of how much the employee is paid.
• Employees under 18 must be paid super if they work for you for more than 30 hours in any week OR if you paid them $450 or more (before tax) in salary or wages in a calendar month prior to 1 July 2022

​ATO are continuing to focus on:

• ​Work Related Expenses
• Rental Property Deductions
• Reporting of Cryptocurrency

It is important to keep your records, receipts and check your claims to make sure you have sufficient connection to your work and your claims haven’t been re-imbursed.

For Small Business:

• The ATO have extended the instant asset write off to 30 June 2023 – which means that eligible assets are able to be fully expensed for another 12 months.
• The ATO have also extended the “loss carry back” tax offset – which enables companies to carry back losses to earlier years in which they paid tax.  This has been extended to 2021-22 & 2022-23.
• Company income tax rate for 2021-2022 is now 25{b8e7c7f951a33340f874b6d86f318d9ec4412e46b7f65591a459ed670b119c83}

For some EOFY can be the most dreaded time of the year – don’t stress we are here to help!  As your trusted advisers at TTO – our team is your team so please don’t hesitate to contact us on 08 8211 9426.